Prime Minister Mark Carney has announced an ambitious plan to double Canada’s exports to markets outside the United States over the next decade. This initiative aims to generate an additional C$300 billion (approximately $214 billion) in trade. Carney revealed this target during a televised address on Wednesday evening, ahead of the federal budget set to be released on November 4.

In his speech to students at the University of Ottawa, Carney emphasized the need for Canada to reduce its economic dependence on the U.S., which currently accounts for about 75% of Canadian exports. He noted that U.S. tariffs, particularly under President Donald Trump, have created significant challenges for Canadian industries, leading to job losses in sectors such as automotive, steel, and lumber. "Many of our former strengths — based on close ties to America — have become our vulnerabilities," Carney stated.

Carney pointed to recent developments as evidence of progress toward his trade goals. He highlighted a free trade agreement signed with Indonesia last month and foundational agreements with the United Arab Emirates on artificial intelligence, the European Union on defense, and Germany on critical minerals. He also mentioned efforts to strengthen ties with major economies like India and China while deepening relationships with traditional allies.

The Prime Minister, who took office in April, is scheduled to meet with world leaders at upcoming summits, including the Association of Southeast Asian Nations and Asia-Pacific Economic Cooperation. He acknowledged the current economic challenges, stating, "This moment has revealed, yes, the limits to our economic independence — limits that we must tackle head-on, and we will."

Carney's upcoming budget is expected to focus on what he described as "generational investments" and he assured that Canada has the fiscal capacity to act decisively. He also announced plans to introduce a new office aimed at expediting the approval of infrastructure projects, mines, and other developments. "This is what the upcoming budget will be about — building, taking control and winning," he concluded.